Compensation and Retirement Disclosure [Abstract] | Period [Axis] |
---|
2016-01-01 - 2016-12-31 |
---|
Compensation and Retirement Disclosure [Abstract] | |
Plan Asset Allocation |
Asset Category |
2016 |
2015 |
Equity Securities |
65% |
58% |
Fixed Income Securities |
32% |
37% |
Other Securities / Investments |
3% |
5% |
Total |
100% |
100% |
|
Pension Plan Assets by Level |
2016 | |
Level 1 | |
Level 2 | |
Level 3 | |
Total |
Money Market Fund | |
$ | 19,327 | | |
$ | 19,897 | | |
$ | — | | |
$ | 39,224 | |
Acme United Common Stock | |
| — | | |
| — | | |
| — | | |
| — | |
Equity Common and Collected Funds | |
| 131,737 | | |
| 705,523 | | |
| — | | |
| 837,260 | |
Fixed Income Common and Collected Funds | |
| 104,491 | | |
| 313,752 | | |
| — | | |
| 418,243 | |
Total | |
$ | 255,555 | | |
$ | 1,039,172 | | |
$ | — | | |
$ | 1,294,727 | |
2015 | |
Level 1 | |
Level 2 | |
Level 3 | |
Total |
Money Market Fund | |
$ | 66,914 | | |
$ | — | | |
$ | — | | |
$ | 66,914 | |
Acme United Common Stock | |
| 174,000 | | |
| — | | |
| — | | |
| 174,000 | |
Equity Common and Collected Funds | |
| — | | |
| 652,135 | | |
| — | | |
| 652,135 | |
Fixed Income Common and Collected Funds | |
| — | | |
| 524,523 | | |
| — | | |
| 524,523 | |
Total | |
$ | 240,914 | | |
$ | 1,176,658 | | |
$ | — | | |
$ | 1,417,572 | |
|
Changes in Benefit Obligation |
| |
2016 | |
2015 |
Assumptions used to determine benefit obligation: | |
| | | |
| | |
Discount rate | |
| 3.40 | % | |
| 3.50 | % |
Changes in benefit obligation: | |
| | | |
| | |
Benefit obligation at beginning of year | |
$ | (1,776,788 | ) | |
$ | (1,904,377 | ) |
Interest cost | |
| (55,811 | ) | |
| (59,348 | ) |
Service cost | |
| (36,000 | ) | |
| (25,000 | ) |
Actuarial gain (loss) | |
| 99,019 | | |
| (62,677 | ) |
Benefits and plan expenses paid | |
| 269,782 | | |
| 274,614 | |
Benefit obligation at end of year | |
| (1,499,798 | ) | |
| (1,776,788 | ) |
| |
| | | |
| | |
Changes in plan assets: | |
| | | |
| | |
Fair value of plan assets at beginning of year | |
| 1,417,572 | | |
| 1,684,535 | |
Actual return on plan assets | |
| 146,937 | | |
| (22,349 | ) |
Employer contribution | |
| — | | |
| 30,000 | |
Benefits and plan expenses paid | |
| (269,782 | ) | |
| (274,614 | ) |
Fair value of plan assets at end of year | |
| 1,294,727 | | |
| 1,417,572 | |
Funded status | |
$ | (205,071 | ) | |
$ | (359,216 | ) |
| |
| | | |
| | |
Amounts recognized in Accumulated Other Comprehensive Income: | |
| | | |
| | |
Net actuarial loss | |
$ | 1,128,647 | | |
$ | 1,423,319 | |
Prior service cost | |
| 2,168 | | |
| 2,711 | |
Total | |
$ | 1,130,815 | | |
$ | 1,426,030 | |
|
Components of Net Benefit Expense |
| |
2016 | |
2015 |
Assumptions used to determine net periodic benefit cost: | |
| | | |
| | |
Discount rate | |
| 3.50 | % | |
| 3.23 | % |
Expected return on plan assets | |
| 6.00 | % | |
| 6.00 | % |
Components of net benefit expense: | |
| | | |
| | |
Interest cost | |
$ | 55,811 | | |
$ | 59,348 | |
Service cost | |
| 36,000 | | |
| 25,000 | |
Expected return on plan assets | |
| (76,138 | ) | |
| (92,620 | ) |
Amortization of prior service costs | |
| 543 | | |
| 9,155 | |
Amortization of actuarial loss | |
| 124,854 | | |
| 122,352 | |
Net periodic benefit cost | |
$ | 141,070 | | |
$ | 123,235 | |
|
Amounts Recognized in Other Comprehensive Income |
| |
2016 | |
2015 |
| |
| |
|
Balance at beginning of the year | |
$ | 1,426,030 | | |
$ | 1,379,890 | |
Change in net loss | |
| (169,818 | ) | |
| 177,647 | |
Amortization of actuarial loss | |
| (124,854 | ) | |
| (122,352 | ) |
Amortization of prior service cost | |
| (543 | ) | |
| (9,155 | ) |
Change recognized in other comprehensive income | |
| (295,215 | ) | |
| 46,140 | |
Total recognized in other comprehensive income | |
$ | 1,130,815 | | |
$ | 1,426,030 | |
|
Benefits Expected to be Paid |
2017 | | |
$ | 207,000 | |
2018 | | |
| 187,000 | |
2019 | | |
| 169,000 | |
2020 | | |
| 152,000 | |
2021 | | |
| 136,000 | |
Years 2022 - 2026 | | |
| 488,000 | |
|